ONGC Q3 Net At Rs 1,719 Cr

New Delhi, Jan 30: | Updated: Jan 31 2004, 05:30am hrs

Oil and Natural Gas Corporation (ONGC) has posted a net profit of Rs 1,719 crore for the third quarter (October-December 2003), despite accounting for (in the sales revenue for the quarter) subsidies on LPG and SKO for the nine-month period ended December, aggregating to Rs 1,535 crore.

The cumulative sales revenues for the nine-month period ended December stood on Rs 24,066 crore, despite these subsidies.

The cumulative after-tax profit for the nine-month period is worked out to be Rs 6,678 crore as against Rs 6,851 crore during the corresponding period last financial year.

The board has also declared an interim dividend of 140 per cent leading to a dividend pay out of Rs 1,996.31 crore, of which the Centre with 84.1 per cent equity will receive Rs 1,679.1 crore.

During the first three quarters of this fiscal, ONGC sold 14.46 billion cubic meters natural gas achieving 100.29 per cent of target, produced 2.82 million tonne value-added-products (NGL/Naptha, NGL) achieving 101.7 per cent of the target. ONGC produced 19.41mmt crude oil during the nine-month period achieving 99.02 per cent of the target.

The corporation has filed the prospectus with Sebi on January 28, commencing the disinvestment process of 10 per cent of the government stake.